Johannesburg – Coca-Cola Beverages South Africa (CCBSA) received high recognition at the inaugural Worker Share Ownership Conference, organised by The Department of Trade Industry and Competition (dtic). This recognition is for the Company’s Employee Share Option Plan (ESOP) called The Ikageng Employee Share Trust (Ikageng). Ikageng was launched by CCBSA as its employee share option Plan in 2020 in line with its transformation and economic inclusion strategy.
The conference, held on 23 April 2024, celebrated the instrumental role of Employee Stock Ownership Plans (ESOPs) in fostering economic inclusion in South Africa.
CCBSA received an award for Highest Ownership Stake, with the organisers commending its leading percentage ownership in the parent company’s, shares setting a benchmark for ESOPs in South Africa, and the second award was as runner-up for Best Governance Policies which recognised the exceptional governance practices in place for Trustee selection and employee participation in decision-making in Ikageng.
The awards specifically recognised Ikageng, which benefits 8,375 trust beneficiaries, representing 100% of active employees and beneficiaries who are out of service. Ikageng allocates shares to all full-time employees, ensuring equitable participation across job levels and race. Notably, dividends are distributed equally among all beneficiaries, underscoring CCBSAs commitment to fairness and inclusivity.
The significance of the 15.5% shareholding in the parent Company, Coca-Cola Fortune (Pty) Ltd (CCF), which owns 100% of CCBSA, entitles Ikageng to have representation on the CCF Board of Directors through the two Ikageng Independent Trustees. This empowers Ikageng to actively contribute to CCBSAs strategic direction.
Nozicelo Ngcobo, Ikageng Chairperson and CCBSA’s Director of Public Affairs, Communication and Sustainability (PACS) commented: “We are immensely proud of the positive impact we have had through our Ikageng Employee Share Trust. These awards affirm our unwavering dedication to fostering broad based economic empowerment and inclusion in South Africa. Through initiatives like the Ikageng Employee Share Trust, we demonstrate our commitment to our employees, our communities, and the broader transformation agenda.”
CCBSA’s pioneering approach to employee ownership dates back to the establishment of Ikageng in May 2020, reaffirming its dedication to transformation and broad-based black economic empowerment (B-BBEE).
The Trust, named “Ikageng,” meaning “let us build ourselves” in seTswana, reflects the spirit of collective ownership and identity among CCBSA employees. CCBSA is a seven-year-old company which was formed following the merger of six bottling entities in 2016.
